Money Matters

All About Numbers wants to make Stockton an even better place by encouraging charity donations and matching them. Are the other businesses of Stockton ready to step up and meet the challenge to do the same?

Beginning with the 2016 tax season, All About Numbers invited our clients to join us in supporting the community. Our firm had chosen four non-profit organizations that make a positive impact in the area, each in a different way. We are asking our clients to round up their tax preparation fees to add a few dollars and All About Numbers will then allocate the extra tax deductible dollars to one or more of the following charities.

In many households, some become the care provider of their elderly parents, spouses, and others who become incapable of caring for themselves. Whether you are the sole caregiver or you hire outside help, many of the expenses associated with this care can be deducted from your taxes.

In most households, the elderly individual is moved into a senior home out of medical necessity or when they are unable to safely live on their own. In these cases the costs of the facility, meals, and medical care are tax-deductible. In other cases the individual will choose to move into a senior home in order to simplify their living arrangements, access activities, or for financial reasons. In these situations, only necessary medical care would be deductible - the costs of the living arrangements fall into the same category as if they were still living at home and are not deductible.

Are you receiving suspicious phone calls? People claiming they are they are the IRS and demanding money?

The IRS has listed phone scams as one of the most prevalent tax scams underway today. Taxpayers are receiving aggressive and threatening phone calls by criminals impersonating IRS agents. The callers may demand money or even promise a refund to trick you into sharing private and personal information. During filing season, there is an uptick of complaints reporting phone scammers who are threatening arrest, deportation, license revocation, and other things.

It's tax time, and while some people are getting refunds this time of year, others find they owe a balance to the IRS. If you do need to make a payment, you have several options available.

IRS Direct Pay allows you to schedule a payment to be deducted directly from your checking or savings account. There is no registration required, no fees, and you can do it all from the IRS website. Direct pay also gives you instant confirmation after your payment has been made. You can also schedule a payment to be made anytime up until your tax is due.